COVID-19: FCA guidance on handling paper and post

The FCA has issued guidance for firms in relation to processes for handling paper and post during the COVID-19 emergency. Firms should read the guidance. The key messages are:

  • The FCA understand that some processes will not be able to be complied with currently. Where that is the case, firms need to notify the FCA.
  • Firms should take reasonable steps to mitigate the impact of any non-compliance with normal required processes and timescales.
  • Firms should ensure they collect post delivered to the normal place of business as regularly as possible so it can be dealt with as appropriate.
  • Firms should take steps to inform clients of current arrangements and delays that might occur, for example through the firm’s website or by email, and update the information as required.
  • Cheques and transactions that cannot be processed should be confirmed to clients as soon as possible and any funds returned.
  • The needs of vulnerable customers and others who might not be able to access online services should be addressed.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

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